I should note that the outgoing transaction should not take place exactly before August 1st. You should stop sending Bitcoin transactions way before the fork deadline has been reached to ensure you have no problems with your Bitcoins or your transactions.
The same applies after the fork. You should wait until Theymos confirms the process has completed.
Topic: Should I fully drain out my BTC from Coinbase for Aug/1? (Read 363 times)
I entered in world of blockchain a month ago, my holder is coinbase?
Will it hold both splits of BTC or should I go for personal ledger?
Will it hold both splits of BTC or should I go for personal ledger?
The best solution to your problem is to move your funds to a wallet that you have control over the private keys.
https://bitcointalksearch.org/topic/august-1-bip148-preparedness-2017191
As per Theymos,
A very short summary of what you need to do:
1. Ensure that you have no BTC deposited with a Bitcoin bank or other trusted third-party before Aug 1. If there's no technical way for you to export the private keys for your BTC, then that BTC is at risk. Some Bitcoin banks may assure you that they'll definitely keep your BTC safe, but I absolutely wouldn't trust them.
2. Do not send transactions or trust received transactions starting 12 hours before Aug 1 at midnight UTC, and continue this until you hear the "all clear" from several trustworthy sources. For example, I will post a forum news item if everything is OK, or if everything is not OK and action is required.
See my guide here for more a lot more detail: https://bitcointalksearch.org/topic/guide-handling-splits-uasfs-bip148-etc-2012799
Reddit is reporting that Coinbase sent out a letter today that they will not support the Bitcoin ABC hard fork that Bitmain seems to be going through with on Aug 1. If you own x bitcoin on the current chain you will also own x bitcoin on the Bitcoin ABC chain. The only way you will have access to those ABC coins is to use a local wallet which will support the ABC chain, and move your Coinbase coins to that wallet ASAP. Both Trezor and Ledger will provide support for a hard fork chain and do the splitting for you. Electrum would probably be more complicated as this past post shows. Since Nano S is sold out best advice is to get a Trezor and pay extra for express shipping before they run out of stock.
I entered in world of blockchain a month ago, my holder is coinbase?
Will it hold both splits of BTC or should I go for personal ledger?
Will it hold both splits of BTC or should I go for personal ledger?
Sure. No offence for Coinbase, I am user of Coinbase too because of its ease and simple interface. But if you keep Bitcoins on web wallets, your Bitcoins will be owe to actions and decisions of particular wallet. Suppose Coinbase supports Bitcoin A after fork and update wallet with it but you youself wants Bitcoin B, you can't do anything. Better keep Bitcoin on your own disposal with private keys.
The only way to be sure you will be able to spend all the coins is to have exclusive access to the addresses' private keys. The reason behind "exclusive" is that, even if an exchange or wallet allows you to export your private keys, if they also have access to them they will be able to spend the funds in the other chains without changing your Bitcoin address balance.
So my answer would be yes: send all your Bitcoins to an address only you have ownership of.
So my answer would be yes: send all your Bitcoins to an address only you have ownership of.
I entered in world of blockchain a month ago, my holder is coinbase?
Will it hold both splits of BTC or should I go for personal ledger?
Will it hold both splits of BTC or should I go for personal ledger?
Generate a paper wallet. That's a public + private key pair. Of course, you will need to generate it in an offline and safe environment (operating system).
If your knowledge about computers is not bad you can do it easily.
Keep the private key safe.
Before August 1st you can move your funds to your new address. When everything is back to normal you have the private key and you can import it in any (Bitcoin) wallet on any chain if there will be a fork. You will have your money on each and every fork. Of course, you have to make sure the system is safe once again and you can move your money back.
At least now the fees are small and such move have quite some benefits. Paper wallet is for free, unlike any hardware wallet, just you'll have to take care yourself about the safety.
I entered in world of blockchain a month ago, my holder is coinbase?
Will it hold both splits of BTC or should I go for personal ledger?
Will it hold both splits of BTC or should I go for personal ledger?
To be safe you should have the private keys to your bitcoin on your own computer. For one thing, Coinbase may be down for a few days. And if there are multiple forks do you want to be the one to choose which one to follow or leave the decision to Coinbase? The most secure solution would be to buy a Trezor and pay extra to have it delivered in a few days. If Trezor is not an option for you Electrum is very good. Other hardware wallets like Nano S are out of stock.
I entered in world of blockchain a month ago, my holder is coinbase?
Will it hold both splits of BTC or should I go for personal ledger?
Will it hold both splits of BTC or should I go for personal ledger?
I would be skeptical of Coinbase... especially given that regardless of what happens to BTC price on 8/1, volume will almost certainly be high, and Coinbase has shown time and time again that their services fail in these conditions. Coinbase is a garbage company and I would recommend not using them. They may not lose your money but you very well may not be able to make transactions when you want to, which can result in losing a lot of money. That has happened to friends of mine with Coinbase.
I entered in world of blockchain a month ago, my holder is coinbase?
Will it hold both splits of BTC or should I go for personal ledger?
Will it hold both splits of BTC or should I go for personal ledger?
Jump to: